Optional Tender Clause Samples
The Optional Tender clause allows one party, typically a seller or service provider, to offer goods, services, or performance that may not be strictly required under the main contract terms, giving the other party the choice to accept or reject the additional offer. In practice, this could mean a supplier offering extra units beyond the agreed quantity, or a contractor proposing to perform additional work not originally specified. The core function of this clause is to provide flexibility in fulfilling contractual obligations, enabling parties to adapt to changing needs or circumstances without breaching the original agreement.
Optional Tender. Section 4.01. Optional Tender in Daily, Weekly, Monthly and Term Mode.
(a) By the purchase and acceptance of Floater Certificates, each Holder and Beneficial Owner of Floater Certificates (other than Liquidity Floater Certificates) acquires the right to exercise the Tender Option in the Daily, Weekly, Monthly and Term Mode with Term Periods 30 days or less in duration prior to the earlier of (i) the Scheduled Expiration Date, (ii) the Last Designated Termination Date, or (iii) the occurrence of a Tender Option Termination Event with respect to all Maturities; provided that, if the Optional Tender Date would occur during the Grace Period, such Optional Tender Date shall not occur unless the payment default that is subject to such Grace Period shall be cured during such Grace Period, in which case such Optional Tender Date shall be the first Business Day following the expiration of such Grace Period, so long as no other Tender Option Termination Event shall have occurred on or before such Business Day.
(b) The Trustee is hereby directed to enter into a Liquidity Facility to provide for Liquidity Loans to the Trust to fund the purchase of Floater Certificates (other than Liquidity Floater Certificates) appropriately tendered or deemed tendered and not remarketed, as provided therein, at the Purchase Price on any Optional Tender Date with proceeds drawn under such Liquidity Facility pursuant to Article IX hereof.
(c) To exercise its Tender Option, a Beneficial Owner of Floater Certificates is required to deliver irrevocable written notice of tender, or irrevocable telephonic notice of tender promptly confirmed in writing, to the Remarketing Agent and the Tender Agent, by delivering a Tender Notice specifying the principal amount of such Beneficial Owner’s Floater Certificates to be purchased on the Optional Tender Date, which shall be in Authorized Denominations. Such notice must be given during business hours on any Business Day prior to the applicable times set forth as follows:
(i) for tenders in Daily Mode, 10:30 a.m. on the Optional Tender Date;
(ii) for tenders in Weekly Mode, 3:00 p.m. on the Business Day seven calendar days before the Optional Tender Date;
(iii) for tenders in Monthly Mode, 3:00 p.m. on the Business Day five Business Days before the Optional Tender Date;
(iv) for tenders in Term Mode with Term Periods 30 days or less in duration, 3:00 p.m. on the Business Day preceding the Optional Tender Date; and
(v) for tenders in connection with an...
Optional Tender upon tender (or constructive tender pursuant to Section 4.12D of the Bond Indenture), for purchase of such Bonds or portions thereof at the option of such Person on any Business Day for such Bonds in accordance with Section 4.06 of the Bond Indenture, if notice of such tender shall have been given to the Tender Agent and the Remarketing Agent for such Bonds in strict compliance with the provisions of Section 4.06 of the Bond Indenture, and
Optional Tender. 21 SECTION 3.5
Optional Tender upon tender (or constructive tender pursuant to Section 5.06 of the Series 2022A Bond Indenture) for purchase of such Series 2022A Bonds or portions thereof at the option of such Person on any Business Day for the Series 2022A Bonds in accordance with Section 5.01A of the Series 2022A Bond Indenture, if notice of such tender shall have been given to the Tender Agent and the Remarketing Agent in strict compliance with the provisions of Section 5.02 of the Series 2022A Bond Indenture, and
Optional Tender. Except as set forth in the Modal Agreement, during any Daily Rate Period or Weekly Rate Period, the Owners of the Series 2014_ Bonds shall have the right to tender any such Series 2014_ Bond (or portion thereof in an Authorized Denomination, provided that any Series 2014_ Bond or portion thereof remaining is also in an Authorized Denomination) for purchase on any Optional Tender Date, but only upon:
(1) (A) during any Daily Rate Period, delivery to the Remarketing Agent at its designated office, not later than 10:00 a.m., Local Time, on such Optional Tender Date, of an irrevocable written, telephonic (followed by written or facsimile confirmation delivered to the Remarketing Agent no later than the close of business on such Optional Tender Date), facsimile or telegraphic notice (with a written or facsimile copy to the Bond Registrar) stating (1) that such Holder will tender for purchase all or any portion of his or her Bonds in an Authorized Denomination and the amount of Series 2014_ Bonds to be tendered and (2) the Optional Tender Date on which such Series 2014_ Bonds will be tendered (which may be the Business Day on which such notice is delivered); and
Optional Tender not Pre-empted. The Bonds or Beneficial Interests in the Bonds that have been tendered for purchase and would otherwise be subject to remarketing on the Tender Date shall not have been called for redemption or mandatory tender pursuant to the Indenture unless the remarketing of such Bonds or Beneficial Interests would be permitted under Article IV of the Indenture.
Optional Tender. The ▇▇ ▇▇▇▇▇ and the TN Bonds shall be subject to optional tender on March 14, 2030 consistent with the optional tender provisions set forth in Section 2.03 of the Funding Agreement.
Optional Tender. Any Bond, or any units of principal amount thereof in Authorized Denominations, shall be subject to optional tender for purchase, from the sources prescribed in Section 3.08 hereof, on any Business Day during a Weekly Period or a Daily Period, at a Purchase Price equal to the principal amount thereof, or of any units thereof purchased in Authorized Denominations, plus interest accrued thereon, if any, to the date of purchase, in the event that the Bonds are not then held in a book-entry only system, upon (a) delivery, not later than 10:00 a.m., New York City time on a Business Day, to the Tender Agent and the Trustee, with a copy provided by the Tender Agent to the Remarketing Agent, of a written notice (a "Tender Notice") which notice shall upon receipt by the Tender Agent and the Trustee be irrevocable, and states (i) the principal amount of such Bond for which payment is demanded, and (ii) the date on which such Bond or units of principal amount thereof in Authorized Denominations shall be purchased pursuant to this Section 2.03(a), which date with respect to an optional tender during a Weekly Period shall be a Business Day not prior to the seventh (7th) day, or which date with respect to an optional tender during a Daily Period, shall be the date of the receipt of the Tender Notice by the Tender Agent and the Trustee, and (b) delivery to the Tender Agent, at or prior to 11:00 a.m., New York City time, on the Purchase Date, of such Bond (with an appropriate transfer of registration form executed in blank and in form satisfactory to the Tender Agent). Notwithstanding the foregoing, if the Bonds in the Weekly Rate Mode are held in a Book-Entry System, a Beneficial Owner shall have the right to optionally tender for purchase its beneficial interest in any Outstanding Bonds (or portion thereof in an Authorized Denomination) at the Purchase Price, which right may be exercised by delivery by the Beneficial Owner to the Remarketing Agent at its Principal Office of a notice identifying the name and address of such Beneficial Owner and stating that such Beneficial Owner will cause its beneficial interest (or portion thereof in an Authorized Denomination) to be purchased, the amount of such interest to be purchased, the date on which such interest will be purchased (which date shall be a Business Day at least seven days after delivery of such notice to the Remarketing Agent) and specifying the Remarketing Agent as the Participant through which the Beneficial Owne...
Optional Tender. 21 Section 2.04. Mandatory Tender........................................................... 23 Section 2.05.
Optional Tender. (a) The Bondholder shall have the option to tender the Bond for purchase in whole on April 25, 1999. If not exercised, the Bondholder's right of optional tender shall be extended as follows. Unless the Bondholder notifies the Issuer and the Company to the contrary in writing prior to February 1 of any year, the optional tender date shall be automatically extended for an additional year, with no further action required of the Bondholder, the Issuer or the Company. The optional tender date may not be extended in this automatic manner beyond the date 5 years from the date of the Advance under this Amended and Restated Financing Agreement unless the Bondholder, at its sole option, reinstates the automatic renewal provision for an additional 5 years by giving written notice to that effect. The automatic optional tender extension provision may similarly operate into the future, with the Bondholder's affirmative written reinstatement being necessary to continue the automatic renewal feature for successive 5 year periods.
(b) The election of the Bondholder to exercise any right of optional redemption shall be evidenced by written notice to the Company and the Issuer dated at least 30 days prior to the optional tender date.